Fresh bearish extension on Tuesday after recovery was repeatedly rejected under falling 20DMA, retraced over 50% of 1.2015/1.2175 recovery phase and also probes below 10DMA (1.2099), close below which would signal an end of recovery phase and further weaken near-term structure. Momentum, stochastic and RSI are turning south on daily chart and add to negative signals. Bears need extension and close below 1.2076 (Fibo 61.8%) to confirm reversal and re-focus key 1.20 support zone, below which a number of stops are parked and violation can spark strong bearish acceleration. Falling 20DMA (1.2168) and Fibo 38.2% of 1.2522/1.2015/6 Aug high (1.2208) mark pivotal barriers which are expect to keep the upside protected and keep bears firmly in play.
Res: 1.2114; 1.2138; 1.2168; 1.2208
Sup: 1.2076; 1.2044; 1.2015; 1.2000
Interested in GBP/USD technicals? Check out the key levels
- R3 1.2233
- R2 1.2203
- R1 1.2165
- PP 1.2135
- S1 1.2097
- S2 1.2067
- S3 1.2029
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